Kiwibank ready to support businesses impacted by COVID-19

01/04/2020

Kiwibank says it is ready to support businesses financially impacted by COVID-19 following today’s announcement that New Zealand banks will offer $6.25 billion in guaranteed loans to eligible businesses, in an agreement reached with the Government.

Kiwibank Chief Executive Steve Jurkovich said the announcement represented a major lifeline for New Zealand-based businesses who are struggling to deal with the financial uncertainty caused by COVID-19.

“We know companies are hurting but from today, they can apply for individual business loans of up to $500,000 for a maximum term of up to three years,” said Mr Jurkovich.

“My message to businesses is talk to us early. Even if you think you’ve got sufficient cash flow to see you through the initial shock of COVID-19, the financial impacts could be felt for much longer, and we are committed to doing what we can to help you get through this.”

“Kiwibank has already been helping business customers with immediate liquidity needs through granting loan payment deferrals, interest only terms, and temporary overdraft facilities and is beginning to look beyond these emergency measures.

“Clients must have exhausted existing Kiwibank facilities before accessing the Business Finance Guarantee Scheme. To be eligible to apply to the scheme, businesses must be New Zealand based with an annual turnover between $250,000 and $80 million.

More information on how to apply for support, including specific criteria for eligibility, is available on our support hub.